Top Questions Asked About Wealth Management

Did you know that private wealth management in White Plains, NY, happens to be the highest level of all financial planning services? Aside from including comprehensive investment management, it also covers tax guidance, financial advice, legal assistance, and estate planning. You can learn more about this subject by checking out the answers to the most common questions people ask about it.

Frequently Asked Questions About Wealth Management

What Does a Private Wealth Manager Do?

It’s the wealth advisor’s responsibility to create a customized investment strategy and plan that can help you manage your assets. Instead of seeking out other service-providers for your specific needs, a wealth manager can coordinate with other experts in their respective fields on your behalf. For example, if you need an expert in property taxes, investments, and legal matters, a wealth manager can come up with a holistic financial plan that takes all of those needs into consideration.

What is the Difference Between a Wealth Manager and a Financial Advisor?

Financial professionals who have no certification or regulation requirement are called financial advisors. On the other hand, a wealth manager is a specific type of financial advisor who is more focused on issues that affluent individuals are concerned about.

These issues include family legacy planning, trust services, estate planning, legal planning, and charitable giving planning. In some cases, concierge health care is even incorporated into the services of a wealth manager.

What are Examples of Wealth Management Strategies?

Wealth managers make use of various investment strategies and different approaches to increase their client’s wealth. Compared to regular financial advisors, wealth managers are able to provide their clients with access to a wider range of investments including private equity offerings or hedge funds. Additionally, the strategies they use are holistic because they incorporate all aspects of their client’s life into their financial plan.

Furthermore, the wealth manager makes sure that the strategy they make use of matches their client’s financial goals and risk tolerance. For instance, if their client is about to retire, the wealth manager focuses on safer investments instead of risky growth investments to help their client maintain their wealth.

Looking for Private Wealth Management in White Plains, NY?

At 1879 Advisors, we’re here to provide you with the tools you need to for expert financial planning. Get in touch with us today to schedule your appointment.

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